Correlation Between Bloom Energy and Sunrise New
Can any of the company-specific risk be diversified away by investing in both Bloom Energy and Sunrise New at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bloom Energy and Sunrise New into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bloom Energy Corp and Sunrise New Energy, you can compare the effects of market volatilities on Bloom Energy and Sunrise New and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Bloom Energy with a short position of Sunrise New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloom Energy and Sunrise New.
Diversification Opportunities for Bloom Energy and Sunrise New
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bloom and Sunrise is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Bloom Energy Corp and Sunrise New Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sunrise New Energy and Bloom Energy is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bloom Energy Corp are associated (or correlated) with Sunrise New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sunrise New Energy has no effect on the direction of Bloom Energy i.e., Bloom Energy and Sunrise New go up and down completely randomly.
Pair Corralation between Bloom Energy and Sunrise New
Allowing for the 90-day total investment horizon Bloom Energy is expected to generate 1.36 times less return on investment than Sunrise New. In addition to that, Bloom Energy is 1.99 times more volatile than Sunrise New Energy. It trades about 0.08 of its total potential returns per unit of risk. Sunrise New Energy is currently generating about 0.21 per unit of volatility. If you would invest 86.00 in Sunrise New Energy on November 18, 2024 and sell it today you would earn a total of 14.00 from holding Sunrise New Energy or generate 16.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bloom Energy Corp vs. Sunrise New Energy
Performance |
| Timeline |
| Bloom Energy Corp |
| Sunrise New Energy |
Bloom Energy and Sunrise New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloom Energy and Sunrise New
The main advantage of trading using opposite Bloom Energy and Sunrise New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloom Energy position performs unexpectedly, Sunrise New can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sunrise New will offset losses from the drop in Sunrise New's long position.| Bloom Energy vs. Plug Power | Bloom Energy vs. Microvast Holdings | Bloom Energy vs. Solid Power | Bloom Energy vs. CBAK Energy Technology |
| Sunrise New vs. Espey Mfg Electronics | Sunrise New vs. NeoVolta Warrant | Sunrise New vs. Kimball Electronics | Sunrise New vs. Hayward Holdings |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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